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On Monday, the vans of prospective casino developers dropped off boxes full of applications for four upstate gaming licenses. The same day, many of the same bidders must have read the report from Moody’s Investors Service on the gaming industry that traded the previous “stable” outlook to “negative.”

The problem: Americans are finding other things to do with their money.

“The fact regional gaming revenues excluding Nevada remained flat, despite further improvement in the economy and additional regional casinos throughout the U.S., is a strong indication that U.S. consumers will continue to limit their spending to items more essential than gaming, even as the U.S. economy continues to improve,” Moody’s Senior Vice President Keith Foley said in the report.

In May, Comptroller Thomas DiNapoli also cast a pessimistic eye on what gambling could do for aid the economy. His office’s reportsaid the planned casinos will “likely result in new jobs in communities where casinos are located – although, from a statewide perspective, economic gains may be offset by losses elsewhere.”

U.S. gaming revenues (figured derived from state revenue reports) are estimated to decrease at a rate of 3 to 5 percent over the next 12 to 18 months, according to Moody’s. This anticipated slide will cause overall industry earnings to decline by as much as 7.5 percent, the firm estimates.

Sixteen bidders submitted 17 different project proposals to the state Gaming Commission by Monday’s deadline, and will wait for rankings to arrive from this state-appointed siting board.

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So naturally Cuomo decides that now’s the perfect time to add new casinos.
Sort of reminds me of Obama and climate change. Europe is quickly backpedaling as their economies get strained. Meanwhile its full steam ahead for the US.

Gee, what a surprise! I guess Moody’s isn’t on the governor’s payroll. Glad to see this rating agency do what it wouldn’t do for all those mortgage backed securities that tanked the economy in 2008. Maybe they’ve learned their lesson and decided to actually do what they’re supposed to-review the numbers and give an honest analysis of what the numbers represent?

Moody’s? Who are they? Are they reputable? Do we really believe what they say? Expect the Cuomo spin machine to be all over that. No way casinos won’t be seen as the economic savior to create jobs, help fund education, decrease taxes and just overall enrich communities! Isn’t that basically how the ballot wording was to get voters to approve this ridiculous move?

And on top of all the other dumb reasons to push casino’s in NY, is Atlantic City is closing them…. If a beach resort can’t support them how can we!!!! Cuomo dumb, dumber and dumbest idea yet on how to fix an ailing economy.http://www.usatoday.com/story/money/business/2014/06/27/atlantic-city-showboat-closing/11453225/
Maybe he will give state employee’s one hour a day to go play, that was yet another example of how the man does not think before he acts…
Cuomo=Clueless Individual, plain and simple!

The regional approach will not help each of the “winning” areas improve their economic position. Once the 4 regionals are awarded, they should work together and create a single 4 feature destination and split the revenue. Having the individual casinos combined with the existing locations and racinos will foster competition and divided economic advantage. Also having a single location will also help contain the negatives that will also develop with the gaming industry.

Did you know that 25% of all casions in Atlantic City are slated to close due to make of profitability? But “HOOOOORAY! New York is getting casinos! One in every region! That will save our tanking economy for sure!”

Climate change dogma was always propaganda intended to stifle the productivity of first world countries while doing absolutely nothing to fix the real culprits of population like China. It’s the same planet. The US is one of the cleanest industrialized countries around, whereas China is one of the filthiest. Yet, all the regulations would be slapped on countries like the US. I believe this was done by the communists running our government to help their comrades.

Andy will just make them all tax free…in his eyes it makes sense to combine two of his least thought out policies into one big fiasco. He just does stuff so that he can brag about it is his political advertisements. Andy understand most NYer’s are too stupid, or too busy to sort through the lies in his ads and grasp how dumb his ideas really are! If an Albany reporter ever asked him about this article that casts doubt on casinos he’d respond, “Better late than never.”

Other than the wealthy class very few people have enough disposable income to gamble away. Food, clothing, shelter and medical care is a higher priority than gambling for the majority of over taxed and feed working class New Yorkers.

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